Barclays 2016 Global

Financial Services Conference

John Shrewsberry

Chief Financial Officer

September 13, 2016

© 2016 Wells Fargo & Company. All rights reserved.

Wells Fargo Vision

“We want to satisfy our customers’

financial needs and help them succeed

financially.”

1

Sales practices settlement

Last week we reached agreements with the CFPB, the OCC and the city of Los Angeles regarding sales practices

The amount of the settlement was $185 million, which was fully accrued for as of June 30, 2016

- CFPB = $100 million

- City of Los Angeles = $50 million

- OCC = $35 million

As part of an extensive third party review commissioned by Wells Fargo covering activity back to 2011, over 82 million deposit accounts and nearly 11 million credit card accounts were examined

- Roughly 2% of the accounts reviewed (1.5 million deposit accounts and 565k credit card accounts) were identified as accounts that may not have been authorized, i.e., we could not rule out the possibility that an account was unauthorized and therefore included that account in a further review to determine any fees to refund

- Approximately 115k of these accounts, or 0.12%, of the 93 million accounts examined (100k deposit accounts and 15k credit card accounts), had incurred a fee and we have refunded $2.6 million to those customers (an average of $25 per account)

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Sales practices settlement (continued)

We take this matter very seriously as our goal is to put the customers’ interest first 100 percent of the time

We have made significant changes as a result of our findings, including:

- Disciplinary actions, including terminations over the past five years of managers and team members who acted counter to our values

- Investments in enhanced training, monitoring and controls

- Strengthened performance measures that are tied to customer satisfaction, loyalty and ethics

- Customer confirmation emails within one hour of opening any deposit account

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2Q16 Results and Areas of

Investor Interest

- -

2Q16 Results

5,719 5,462 5,558

2Q15 1Q16 2Q16Diluted earnings per common share

Wells Fargo Net Income ($ in millions, except EPS)

8,849 9,167 9,296

2Q15 1Q16 2Q16

$1.03

$0.99 $1.01

2Q16 earnings of $5.6 billion and diluted earnings per common share of $1.01

Revenue growth of 4% year-over-year (YoY) and pre-tax pre-provision profit (PTPP) (1) up 5% YoY

Capital levels remained strong while continuing to return capital to shareholders

(1) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

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Pre-tax Pre-provision Profit (1)

($ in millions)

-

- -

Solid year-over-year results

5,145.2 5,048.5

2Q15 2Q16

5.75.6

2Q15 2Q16

1,185.3 1,236.7

2Q15 2Q16

870.4

950.8

2Q15 2Q16

21.322.2

2Q15 2Q16 Diluted earnings per common share

Net Income ($ in billions, except EPS)

Revenue ($ in billions)

Period end Common Shares Outstanding (shares in millions)

Average Deposits ($ in billions)

Average Loans ($ in billions)

8.8

9.3

2Q15 2Q16

$1.03 $1.01

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Pre-tax Pre-provision Profit

($ in billions)

870.4895.1

912.3 927.2950.8

2Q15 3Q15 4Q15 1Q16 2Q16

Strong, diversified loan growth

Total average loan yield

4.20%4.11% 4.08%

4.16% 4.16%

11.7%

9.2%

8.1%

2.7%

1.4%

-1.0%JPM WFC USB BAC PNC C

2Q16 vs. 2Q15 Average Loan Growth vs. Peers (Source: SNL)

Average Loans ($ in billions) Total average loans of $950.8 billion up $80.4

billion, or 9%, YoY and $23.6 billion, or 3%, linked quarter (LQ)

- 2Q16 included the full quarter benefit of the loans and capital leases acquired from GE Capital on 3/1/16

- Commercial loans up $67.4 billion YoY

- Consumer loans up $13.0 billion YoY

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Deposit growth while maintaining pricing discipline

Average deposits up $51.4 billion, or 4%, YoY and $17.3 billion, or 1%, LQ

- Noninterest-bearing deposits up $15.1 billion, or 4%, YoY and $7.6 billion, or 2%, LQ

- Interest-bearing deposits up $36.3 billion, or 4%, YoY and $9.7 billion, or 1%, LQ

Average deposit cost of 11 bps, up 1 bp LQ and up 3 bps YoY driven by commercial deposits

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847.4 874.0 883.7

337.9 345.4 353.0

1,185.3 1,219.4 1,236.7

2Q15 1Q16 2Q16

Noninterest-bearing deposits Interest-bearing deposits

0.08% 0.10% 0.11%

Average Deposits and Rates

($ in billions)

Average deposit cost

7.6%

5.8%

4.3% 4.1%

3.2%

1.3%

USB BAC WFC PNC C JPM

2Q16 vs. 2Q15 Average Deposit Growth vs. Peers (Source: SNL)

Revenue growth despite challenging rate environment

5%4%

-1% -2%

-7%

-11%

USB WFC JPM PNC BAC C

1H16 vs. 1H15 Revenue Growth vs. Peers (Source: SNL)

Total revenue up 4% YoY and stable LQ

Net interest income up $463 million, or 4%, YoY and up $66 million, or 1%, LQ reflecting loan growth including the addition of assets acquired from GE Capital on 3/1/16

- Average earning assets up 2%, LQ

- NIM of 2.86% down 4 bps from 1Q16 on growth in long-term debt, deposits and lower income on investment securities reflecting accelerated prepayments

Noninterest income up $381 million, or 4%, YoY

- Deposit service charges up 4%

- Card fees up 7%

- Lease income up $342 million reflecting the acquisition of operating leases from GE Capital on 3/1/16

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11,270 11,457 11,588 11,667 11,733

10,048 10,418 9,998 10,528 10,429

21,318 21,875 21,586 22,195 22,162

2Q15 3Q15 4Q15 1Q16 2Q16

Net Interest Income Noninterest Income

Revenue ($ in millions)

Current interest rate environment and sensitivity

Long end of the yield curve declined late in 2Q16 and has remained under pressure

- Creates a repricing headwind, particularly in investment securities

3-month LIBOR has moved up quarter to date in 3Q16, which creates a modest benefit

- Most LIBOR sensitivity is in loans and long-term debt

• After factoring in interest rate swaps and floors, just over 40% of loans were variable rate as of 6/30/16; roughly two-thirds of the variable rate loans were tied to LIBOR, but were skewed to 1-month LIBOR

• Approximately 85% of long-term debt was variable rate as of 6/30/16, nearly 90% of which was tied to LIBOR

Balance sheet remains asset sensitive

Despite likely continued NIM pressure at current interest rate levels, we expect to grow net interest income year-over-year in 2016.

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10 Year Treasury Rate and 3-month LIBOR 12/31/15 – 8/31/16

0.84%

12/31/15 2/29/16 4/30/16 6/30/16 8/31/16

10-Year Treasury 3ML

2.27%

1.74% 1.83%

1.49% 1.58%

0.61% 0.63% 0.64% 0.65%

Estimated TLAC requirement

The following preliminary estimates are based upon the Federal Reserve Board’s Notice of Proposed Rulemaking (NPR) issued on 10/30/2015 and rely upon certain interpretations and assumptions including those listed below

Current interpretation of the NPR assumes:

- Structured notes do not qualify as TLAC

- Final rule will provide for the grandfathering of existing long-term debt instruments for a meaningful length of time

Changes to 2Q16 estimated eligible TLAC since 3/31/16 TLAC estimate include:

- Total TLAC grew by ~$8 billion and was largely offset by RWA growth and long-term debt rolling into <1 year maturity bucket

- As stated at 2016 Investor Day, we still expect that we will need to increase our portfolio of qualifying TLAC by ~ $50 billion in order to be compliant, including our 100 basis point buffer

We have issued $9.1 billion of senior debt in 3Q16 to date (1). The net impact relating to 3Q16 issuance, offset by debt rolling into the <1yr maturity bucket, would increase total TLAC by ~ $7 billion.

We expect to meet the required minimums on 1/1/19 and 1/1/22 through measured issuance over the phase-in period

(1) Third quarter notional amounts through August 31, 2016.

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External TLAC LTD Requirement

($ in billions)6/30/16

Actual % of RWA6/30/16

Actual % of RWA

Total Risk Weighted Assets (RWA) $ 1,372.9 $ 1,372.9

Common Equity Tier 1 145.6 10.6 %Qualifying Tier 1 instruments 23.1 1.7 Qualifying Tier 2 instruments 24.9 1.8 24.9 1.8 %Senior unsecured debt 64.3 4.7 58.9 4.3 Total TLAC 258.0 18.8 83.8 6.1

Required TLAC / LTD 21.5 8.0

Estimated Shortfall 37.1 2.7 26.0 1.9 %

Estimated Shortfall with 100 bps Internal Buffer $ 50.9 3.7 %

Components of noninterest income vary over time

(Percent of total noninterest income)

(1) Investment banking fees, charges and fees on loans, cash network fees, commercial real estate brokerage commissions, letters of credit fees, wire transfer and remittance fees, all other fees, insurance, lease income, life insurance investment income and all other.

(2) Brokerage advisory, commissions and other fees, and trust and investment management fees. (3) Net gains from trading activities, debt securities and equity investments.

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2010 2011 2012 2013 2014 2015 1H 2016

Deposit Service Charges and Card Fees Brokerage Advisory, Trust and Investment

Mortgage Banking Market Sensitive

All Other

40,45338,185

42,856 40,980 40,820 40,756

Components of noninterest income vary over time

Full Year Noninterest Income ($ in millions) (1)

(2)

(3)

Noninterest income trends

13 13

Regulatory changes led to a dip in 2012, but steady growth since as customer base and transaction levels have grown

Strong markets and growth in the business have led to steady increases since 2012

Declining interest rates led to strong refinance activity and production margins through 2013

Strong equity markets led to strength in 2014 and 2015, but 1H16 back toward longer term trends

21% 21%

18%20% 21% 22% 22%

2010 2011 2012 2013 2014 2015 1H 2016

Deposit Service Charges and Card Fees

24%

21%

27%

21%

16% 16%14%

2010 2011 2012 2013 2014 2015 1H 2016

Mortgage Banking

5%

7% 7% 7%

10%9%

8%

2010 2011 2012 2013 2014 2015 1H 2016

Market Sensitive

Noninterest income trends

27%30% 28%

33%35% 35%

33%

2010 2011 2012 2013 2014 2015 1H 2016

Brokerage Advisory, Trust and Investment

(Percent of total noninterest income)

(1) Brokerage advisory, commissions and other fees, and trust and investment management fees. (2) Net gains from trading activities, debt securities and equity investments.

(1)

(2)

Efficiency improvements fund reinvestment in the business We are focused on optimizing the way we organize and do work so we can invest in top priorities like customer experience, risk and innovation

Efficiencies Achieved

Investing for the Future

Significant reductions in several key expense categories: postage (down 32% 1H16 vs 1H13), telecommunications (-25%), travel (-17%)

Transition to paperless operations has reduced transportation and operational costs

Workforce location optimization has resulted in $550 million cost savings annually

Occupancy expense benefitted from a 22 million square foot reduction in space since 2009

Continual refreshing of stores/ATMs, and improved digital capabilities (e.g., online, fast decision FastFlexSM Small Business Loan)

Customer experience (real-time P2P, online/mobile residential mortgage origination, improved credit card rewards platform)

Technology, including continued investment in industry-leading Treasury Management platform

Safety and security, including improved authentication procedures

Risk and compliance, including cybersecurity; Corporate Risk FTEs up 24% 2Q15 to 2Q16

Customer experience Risk, compliance and reputation

Digital and innovation

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Reducing non-core businesses and adjusting risk profile

While we have continued to grow our balance sheet through organic growth and acquisitions, we have also been reducing non-core businesses and adjusting our risk profile

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Reduced Non-Core Businesses Business Time Frame Description Wholesale 2010-2014 Exited non-strategic insurance locations/businesses, including

2014 sale of 40 offices WIM 2011 Sold HD Vest CLG 2015 Sold remaining interest in RELS appraisal JV CLG 2015 Sold Government Guaranteed Student Loan portfolio CLG 2015 Sold auto Warranty Solutions business

Wholesale 2016 Sold RCIS crop insurance business Wholesale 2016 Sold health benefit services business

Improved Risk Profile

Business Time Frame Description CLG 2009-2016 Discontinued legacy Pick-a-Pay loans; current balance less than

half of balance acquired from Wachovia Wholesale 2009-2016 Executing run-off of legacy Wachovia commercial assets Wholesale 2010-2015 Exited many non-strategic domestic and foreign correspondent

banking relationships and shifted product mix to be less reliant on higher-risk, lower revenue global payment products

CLG 2011 Discontinued reverse mortgage originations CLG 2011-2012 Shutdown Wells Fargo Financial subprime business CLG 2014 Discontinued interest-only home equity product

Community Banking 2014 Discontinued Direct Deposit Advance product

Continued solid credit quality

Provision Expense and Net Charge-offs ($ in millions)

1,086 1,074

300

703

831

650 703

831 886 924

0.30% 0.31% 0.36% 0.38% 0.39%

2Q15 3Q15 4Q15 1Q16 2Q16 Provision Expense Net Charge-offs Net Charge-off Rate

0.26%

0.39% 0.44% 0.48%

0.56%

1.05%

PNC WFC BAC USB JPM C

2Q16 Net Charge-off Rate vs. Peers (Source: SNL)

Net charge-offs of $924 million, up $38 million, or 4%, LQ as higher oil and gas portfolio losses were partially offset by lower consumer real estate losses $150 million reserve build (1) in the quarter primarily driven by loan growth in the commercial, auto and credit card portfolios Nonperforming assets decreased $433 million LQ

- Nonaccrual loans decreased $271 million while foreclosed assets declined $162 million

Early stage delinquencies in the consumer portfolio of 1.03%, up 5 bps LQ largely on seasonality and down 6 bps YoY

(1) Provision expense minus net charge-offs. 16

Strong capital levels while continuing to return to shareholders

Capital Position

Common Equity Tier 1 ratio well above the regulatory minimum and buffers and our internal buffer

Capital Return

Period-end common shares outstanding down 27.4 million LQ

- Repurchased 44.8 million common shares

- Issued 17.4 million common shares

Strong capital levels allowed us to continue to return capital to shareholders

- Returned $3.2 billion to shareholders in 2Q16

• Increased quarterly common stock dividend to $0.38 per share

- Net payout ratio (2) of 62% in 2Q16

(2) Net payout ratio means the ratio of (i) common stock dividends and share repurchases less issuances and stock compensation-related items, divided by (ii) net income applicable to common stock.

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Common Equity Tier 1 Ratio (Fully Phased-In) (1)

10.6% 10.6% 10.8% 10.6% 10.6%

2Q15 3Q15 4Q15 1Q16 2Q16

2Q16 Net Payout Dollars vs. Peers ($ in millions; Source: Company reports)

4,359

3,223

1,738 1,315

990 701 (1) Fully phased-in capital ratios are calculated assuming the full phase-in of the

Basel III capital rules. See page 21 for additional information regarding capital ratios.

JPM WFC BAC C USB PNC

Performance targets remain at industry leading levels

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2Q16 ROA vs. Peers (Source: SNL)

2Q16 ROE vs. Peers (Source: Company reports)

1.43% 13.8%

1.20% 1.11%

1.02% 0.89%

0.78%

USB WFC PNC JPM C BAC

11.7%

10.1% 8.8%

6.9% 6.5%

USB WFC JPM PNC C BAC

55.4% 55.9%

58.1%

60.0%

62.2%

66.1%

USB JPM WFC C PNC BAC

2Q16 Efficiency Ratio vs. Peers (Source: SNL)

2Q16 Net Payout Ratio vs. Peers (Source: Company reports)

77% 76% 69%

62%

45%

36%

JPM PNC USB WFC BAC C Represents Wells Fargo target ranges set at 2016 Investor Day.

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Appendix

Common Equity Tier 1 (Fully Phased-In)

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Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1)

(in billions) Jun 30, 2016

Mar 31, 2016

Dec 31, 2015

Sep 30, 2015

Jun 30, 2015

Total equity $ 202.7 198.5 193.9 194.0 190.7 Adjustments:

Preferred stock (24.8 ) (24.1 ) (22.2 ) (22.4 ) (21.6 )

Additional paid-in capital on ESOP preferred stock (0.2 ) (0.2 ) (0.1 ) (0.1 ) (0.1 )

Unearned ESOP shares 1.9 2.3 1.3 1.5 1.7 Noncontrolling interests (1.0 ) (1.0 ) (0.9 ) (0.9 ) (1.1 )

Total common stockholders' equity 178.6 175.5 172.0 172.1 169.6 Adjustments:

Goodwill and other intangible assets (32.4 ) (32.9 ) (30.8 ) (30.9 ) (31.4 )

Applicable deferred taxes (2) 1.9 2.0 2.1 2.2 2.3 Investment in certain subsidiaries and other (2.5 ) (1.9 ) (0.9 ) (1.6 ) (0.6 )

Common Equity Tier 1 (Fully Phased-In) under Basel III (A) 145.6

142.7

142.4

141.8

139.9

Total risk-weighted assets (RWAs) anticipated under Basel III (3) (B) $ 1,372.9

1,345.1

1,321.7

1,331.8

1,325.6

Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (A)/(B) 10.6 % 10.6

10.8

10.6

10.6

(1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. These rules established a new comprehensive capital framework for U.S. banking organizations that implements the Basel III capital framework and certain provisions of the Dodd-Frank Act. The rules are being phased in through the end of 2021. Fully phased-in capital amounts, ratios and RWAs are calculated assuming the full phase-in of the Basel III capital rules. Fully phased-in regulatory capital amounts, ratios and RWAs are considered non-GAAP financial measures that are used by management, bank regulatory agencies, investors and analysts to assess and monitor the Company’s capital position.

(2) Applicable deferred taxes relate to goodwill and other intangible assets. (3) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach, which replaced Basel I, and the Advanced Approach applicable to certain

institutions. Under the final rules, we are subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of June 30, 2016, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for June 30 and March 31, 2016 and December 31, September 30 and June 30, 2015, was calculated under the Basel III Standardized Approach RWAs.

Forward-looking statements and additional information

Forward-looking statements:

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our second quarter 2016 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015.

Purchased credit-impaired loan portfolios:

Loans acquired that were considered credit impaired at acquisition were written down at that date in purchase accounting to an amount estimated to be collectible and the related allowance for loan losses was not carried over to Wells Fargo’s allowance. In addition, such purchased credit-impaired loans are not classified as nonaccrual or nonperforming, and are not included in loans that were contractually 90+ days past due and still accruing. Any losses on such loans are charged against the nonaccretable difference established in purchase accounting and are not reported as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans with evidence of credit deterioration, certain ratios of Wells Fargo are not comparable to a portfolio that does not include purchased credit-impaired loans.

In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios and trends. Management believes that the presentation of information adjusted to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan portfolio. Accordingly, certain of the loan balances and credit ratios in this document have been adjusted to exclude the purchased credit-impaired loans. References in this document to impaired loans mean the purchased credit-impaired loans. Please see page 31 of the press release announcing our 2Q16 results for additional information regarding the purchased credit-impaired loans.

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